Are you IN?
When I went to a source better than my memory, I found this definition:
- The full Monty is a British slang phrase of uncertain origin. It is generally used to mean “everything which is necessary, appropriate, or possible; ‘the works.’”
WOW! That is the same definition as “Revenue Generation” Science – “everything which is necessary, appropriate, or possible; ‘the works’” regarding how to continually generate more profitable revenue.
Why is it the “Revenue Generation” Science is just the opposite. When most people think about revenue, they just think about one part like sales or marketing or in the best case, a few parts? They think the way to generate revenue is to get good at one or two things like cold calling, Trade Show programs, how to close, or better ad campaigns.
I guess one time or another everyone has seen the “Full Monty” even if it is in the mirror in the bathroom. Almost no one has seen the “everything which is necessary” application of “Revenue Generation” Science?
Since companies have no vision of “Revenue Generation” Science when they go do their annual strategic planning, the result is often only the creation of a budget. The budget is based on anything but “the works.” The budget is derived from each piece of the organization speaking up for why their part should be viewed and funded for the next period. That would it be like drawing the perfect leg, bun, smile, ear, etc. and then seeing if they are fit together later? Who thinks that will work?
Yet this is what almost 100% of companies do. At the budget session, we hear each part of the company scream to be heard, viewed and funded. Based on the screams from the pieces, we create a budget. Only when the budget is final do we worry about assembling all the pieces into “everything that is necessary.”
When 10,000 CEOs were asked about their strategic goals, not one of them said they had a strategic goal to have the largest marketing budget in their industry or more sales persons than their competitors. Yet they kept looking at these and other pieces, parts and activities vs. looking at their businesses, “Full Monty” (“Revenue Generation” Science). When you focus on pieces and parts, you are managing tactics and expenses. When you focus on the “Full Monty,” you design something awesome and profitable based on cross-organizational outcomes that drive continual growth of profitable revenue.
So if a CEO’s mission is not a large sales and/or market budget, why do those elements get so much attention during the annual strategy planning sessions without or before getting the Revenue Science™ version of “Full Monty?”
The answer is 100% of those CEOs think they have the “Full Monty” until they actually see one. Once they actually see a “Full Monty” of revenue science, they realize they must answer these 5 questions and then operationally deploy the answers.
- What is our brand promise (what is the experience your customers, partners and staff will have 100% of the time)?
- What’s the customer “problem” that we solve that no one else solves?
- What niche(s) do or will we dominate?
- Who is our ideal customer, and what is their profile?
- Which are our key offers for dominating the niche?
Leaders must create a “Full Monty” view, by asking and answering these 5 questions with market focused deployable answers in order to accomplish their goal “to continually grow profitable revenue?” The result will be that you will continually grow profitable revenue.
Take the time, design your revenue strategy by answering the 5 questions with operationally deployable answers. That way the company will have a clear view of “everything that is necessary” – only then will you have a predictable program for the long-term growth of profitable revenue because you will have “everything that is necessary.”